In The Spotlight

April Presidential Reports: Small Donations Continue to Fuel Democrats;
McCain Has His Best Month; Clinton's Debts Rise to $19.5 Million

According to monthly reports filed with the Federal Election Commission
on May 20, the three remaining presidential candidates raised $76
million in April, only slightly less than the $78 million they raised
in March. For the third month in a row, more than half of Senator
Barack Obama's and Senator Hillary Clinton's primary contributions –
65% and 59% respectively – came in amounts of $200 or less. Another 16%
of Obama's funds and 21% of Clinton's came in amounts of $1,000 or
more. For Senator John McCain, the percentages were reversed. Although
April was McCain's best fundraising month, only 24% of the $18.5
million he raised came in amounts of $200 or less; 63% were in amounts
of $1,000 or more. Cumulatively from January 1, 2007 through April 30,
2008: Obama has raised 47% of his funds in amounts of $200 or less,
Clinton 33% and McCain 23%; during the same period Obama has raised 34%
cumulatively in amounts of $1,000 or more, Clinton 51% and McCain 63%.

* Clinton's debt includes $10 million to herself.

Clinton's Debts

There has been some interest among reporters recently about Sen.
Clinton's debt. The debt reported to the Federal Election Commission
was $19,480,893 as of April 30. This included $10,000,000 in loans the
candidate made to the campaign and the remainder in debts to others,
most of whom were vendors.

Since the "Millionaire's Amendment" to the Bipartisan
Campaign Reform Act of 2002, everything above $250,000 in candidate
self-loans must be repaid by the date of the relevant election, or else
be converted to gifts. The election, in this case, will be the date on
which a party's presidential candidate is nominated.

Sen. Clinton's debts to her vendors were about $840,000
less than they were at the end of March. The largest vendor debts were
to the political consulting firms of Penn, Schoen and Berland ($4.8
million); MSHC Partners ($956,409) and Grunwald Communications
($695,379). She is continuing to purchase services and make payments to
these vendors. Penn, Schoen and Berland billed the campaign for $3.3
million during the month of April and received $3.1 million in
payments; Grunwald Communications billed $860,767 and received
$693,867; MSHC Partners billed $44,725 in April and received payments
of the same amount. The remaining $3 million in debt is owed to a total
of more than 150 creditors.